IIP invests up to $270M in life science REIT IQHQ, diversifying outside cannabis

INNOVATIVE INDUSTRIAL PROPERTIES INC

IIP commits $100M RCF at 13.5% (12% cash+1.5% PIK) and up to $170M preferred stock with 10% cash+5% PIK dividend; weighted avg >14%.
Preferred stock cumulative, redeemable at greater of $1,560 or Base Amount; warrants for up to 5% equity at $0.01/unit.
IIP gets board seat, intends CEO Paul Smithers; right of first offer on IQHQ property sales.
Related party: Alan Gold (Exec Chair) and Gary Kreitzer (Vice Chair) hold <1% each in IQHQ; Gold served as IQHQ Chair until Dec 2024.
Transaction expected to close Q3 2025; funded via cash on hand, credit facility, and potential future financing.

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